Investment firm to fund £50m Leicester PRS scheme
A property investment firm is set to fund a £50m private rented sector (PRS) scheme in Leicester.
The deal by Cording Real Estate Group, will bring forward 380 one- and two-bed apartments at the Merlin Works site – part of the city’s Waterside regeneration area. The development has been brought together by the developer, CODE, and will be built by Winvic Construction in its second built-to-rent project with Cording. It is being designed by Leicester-based architect, Staniforth. Construction will start on site in this month and is expected to be completed in autumn 2020.
Charlie Miller, director of eesidential acquisitions at Cording, said: “Leicester is a fantastic location for the fund’s first build-to-rent investment. It is a vibrant city which features prominently in the East Midlands with a high demand for affordable new build-to-rent accommodation in line with the fund’s strategy. Leicester’s population is forecast to grow at a rate in excess of the national average, while the current supply of rental stock in Leicester is limited and relatively dated”.